This article is from the Australian Property Journal archive
QUEENSLAND’S first funeral business, Alex Gow Funerals has sold off its inner Brisbane home of over 60 years for $14.3 million as it expands into two new facilities.
Marketed as a mixed-use development site, the 5,272 sqm parcel at 56 Breakfast Creek Road in Newstead is expected to be used an office project.
The family-owned funeral business was founded in 1840 as the state’s first funeral business and has called the Newstead site home since it bought the property in the 1960s.
Group director Brett Gow said, “the sale of our Newstead site is the end of an era for the family-run business, but also marks the beginning of a new one.”
“Our business is expanding with two new facilities planned in locations to Brisbane’s north-west and bayside regions to better serve the families of the greater Brisbane area.”
Savills’ Peter Tyson and Robert Dunne handled the sale.
Tyson said the site sold to a Brisbane-based group that plan to redevelop the site for an office use in the future.
“The Newstead – Teneriffe – Fortitude Valley axis remains one of the most desirable development destinations in Brisbane and the site attracted interest from local and interstate developers” he said.
Robert Dunne said opportunities of this scale with such potential are increasingly rare in the area “as developers scramble to secure inner-city properties with extensive development potential”.
